Solana Network Outshines Despite Token's Market Struggles

Analyst Pratty Crypto published an analysis of Solana (SOL), indicating that there is a lot of confluence preparing to bid in the high $140s zone.

Analyst Pratty Crypto has shared his analysis of Solana (SOL) on Twitter, indicating a potential buying zone in the high $140s.

According to the analyst, several confluences are suggesting a bid in this range, including the discount of the previous quarter’s mid-range, the quarterly open, a 3D order block, and a 62% retracement of the rally from the lows. However, he also noted that the deeper SOL penetrates the order block, the less likely it is to hold.

“A lot of confluence lining up to bid high $140s,” the analyst wrote.

“Discount of previous quarter's mid-range

Quarterly open

3D order block

62% retracement of run up from the lows

The deeper we go into the OB, the less likely it holds.”

At the time of writing, SOL is trading at $143.42, down 5.61% over the last 24 hours. This slide follows the bearish trend, with the token down more than 20% in the last seven days.

Due to its worsening performance, Solana has been surpassed in terms of market cap by Binance Coin (BNB), with a gap of more than $10 billion.

Despite the low functionality of the token, the Solana network has made amazing progress. According to our prior reports, Solana topped Ethereum in July with a DEX volume of $55.87 billion, a remarkable milestone.

Furthermore, in July, nearly $500 million in assets were transferred from other blockchains to Solana, including $349 million from Ethereum. This shift indicates greater confidence in the Solana network.

On the other hand, the SEC has reclassified several cryptocurrencies, including Solana, from securities to non-security status. This change in classification eliminates the urgent need for a court ruling on the claims regarding crypto asset securities. This regulatory move is set to impact Solana's future market performance.

The coming weeks will be critical for SOL, as investors and traders密切关注 how these events unfold and impact its pricing and market position.